auction

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auction

the competitive calls made in bridge and other games before play begins, undertaking to win a given number of tricks if a certain suit is trumps

Auction

 

in international trade, a method of selling certain goods (such as fur pelts, tobacco, and tea) in separate lots. Prior to an auction the goods (or samples of them) are exhibited for the inspection of possible buyers. The time and place of the auction are announced beforehand. The general conditions of the sale of goods are determined by the seller. The buyer is considered to be the person who during the course of the auction has offered the highest price. At an auction, in contrast to an ordinary sale, the seller is absolved from responsibility for the quality of the goods that are sold. In the USSR, international auctions for the sale of fur pelts are regularly held in Leningrad.

At the form of auction known as a public sale there is a forced sale of the property of people who cannot pay their debts. Goods are also sold if they have not been claimed on time from transportation and warehouse enterprises and in certain other cases.

V. S. POZDNIAKOV

References in periodicals archive ?
Deiro & Associates incorporates a conventional brokerage service with the exciting elements of an auction.
Though auctions make a lot of sense in today's market, they aren't right for every property, cautioned Kosa.
Live Auction Coverage Enables Fans to Watch and Bid in Real-Time for a Piece of Rock History Once Owned By Elvis, the Beatles, Dylan, Springsteen, Madonna and Many More
It's unfortunate that without the economy in the state that it is real estate auctions would not have taken off to the extent that they have," said Birbach.
Leveraging rich data gleaned from hundreds of its online charity auctions, cMarket adds a revolutionary analytic feature to its OurAuction Pro product suite that makes fundraising auctions practically foolproof by predicting auction outcomes and offering best practices intelligence to help nonprofits reach their fundraising goals.
For the past five years Best Of The West Auctions has been striving toward our mission to reacquaint our region with the importance of the Broadmoor Art Academy as an early 20th century art colony.
In 1999, he was a pioneer in the use of simultaneous live and online auctions.
Peter Sidlow, President of Victorian Casino Antique Auction, says "iCollector has done a superb job at increasing our bidder base, which has brought us excellent results from our online auctions.
Soler Y Llach initially specialized in stamp collecting auctions with an international scope.
What began with a small auction in Laurel in 1971 has now grown into a full-scale auctioneering services operation that conducts nearly 50 auctions per year with a specialization in antiques, machinery, real estate, and personal property.
The auction will also offer Jimi Hendrix, Rolling Stones and Elvis memorabilia.
E[acute accent]As an on-line auction facilitator, the Company, with the experience of over 3,000 auctions, has developed state-of-the-art technology to broadcast auctions over the Internet (www.